President Bola Tinubu has said the economic reforms introduced by his administration have placed Nigeria on the path to achieving a $1 trillion economy by 2030, despite the hardship and economic challenges confronting citizens.
Tinubu stated this on Tuesday at the second edition of the Asiwaju Scorecard Series and Policy Roundtable in Abuja, where he was represented by the National Chairman of the All Progressives Congress (APC), Prof. Nentawe Yilwatda.
The President said the reforms implemented since he assumed office in May 2023 were necessary to strengthen the foundation for economic stability, growth and long-term prosperity.
Tinubu said his administration inherited an economy characterised by fuel subsidy distortions, multiple foreign exchange windows, weak revenue mobilisation, foreign exchange shortages, rising debt-service pressures and inadequate investment in critical infrastructure.
He said the government therefore took difficult decisions, including the removal of the petrol subsidy and reforms in the foreign exchange market.
According to him, the measures, combined with increased revenue mobilisation and investments in critical infrastructure, are beginning to produce positive economic indicators.
Tinubu said Nigeria’s gross external reserves had risen to about $52.7 billion by August 2026, while consolidated non-oil revenue increased from approximately N13.63 trillion in 2023 to N16.4 trillion in the first two quarters of 2026.
He also said the country’s merchandise trade position had improved significantly, rising from a surplus of about N44.8 billion for the whole of 2023 to approximately N7.54 trillion in the first quarter of 2026.
The President further disclosed that real Gross Domestic Product grew by 4.43 per cent in the second quarter of 2026, while inflation had declined to about 15.4 per cent from its previous peak.
Tinubu, however, acknowledged that the figures did not mean Nigeria’s economic problems had disappeared.
He stressed that the ultimate objective was for macroeconomic stability to translate into lower food prices, more jobs, affordable credit, reliable electricity and increased purchasing power for Nigerians.
According to him, the $1 trillion economy target is not merely a numerical ambition but a national mission aimed at creating a more productive and competitive Nigerian economy.
He said the target would require Nigeria to produce more, export more, attract greater investment and create more opportunities for young Nigerians.
Tinubu said adequate infrastructure would be critical to achieving the $1 trillion economy ambition, noting that the Renewed Hope Agenda prioritises roads, railways, ports, energy and digital connectivity.
He proposed the development of an integrated five-port maritime and logistics corridor involving major deep-sea ports in Lagos, Ondo, Ibom, Port Harcourt and Calabar.
The President said the ports should be connected through modern rail and road infrastructure, with the Lagos-Calabar Coastal Super Highway serving as the principal coastal road spine.
He added that the Western Corridor would connect the maritime gateways to the interior through the Lagos-Abuja-Kaduna-Kano rail corridor and the proposed Sokoto-Badagry Super Highway.
Similarly, he said the Eastern Corridor would connect eastern maritime gateways through the Port Harcourt-Abuja-Kaduna-Kano rail corridor, complemented by the proposed Calabar-Maiduguri Trans-Sahara Super Highway.
Tinubu said the integrated network could connect Nigeria’s major ports, cities and production centres with landlocked markets across the region, including Niger, Chad, Burkina Faso, Sudan and the Central African Republic.
According to him, the objective is to transform Nigeria from a coastal trading nation into a major maritime gateway and logistics hub for West and Central Africa.
He said such a system would create opportunities in logistics, warehousing, freight forwarding, customs, banking, insurance, manufacturing, distribution and agro-processing.
The President also identified energy as critical to achieving the country’s economic ambitions.
He described the Ajaokuta-Kaduna-Kano (AKK) gas pipeline as strategically important for connecting Nigeria’s gas resources to major population and industrial centres in Northern Nigeria.
Tinubu said the project would support electricity generation, fertiliser production, manufacturing, transportation and industrialisation.
He also highlighted government investments in young Nigerians through programmes such as the Nigerian Education Loan Fund (NELFUND), technical and vocational education initiatives and digital skills programmes.
According to him, the programmes are designed to expand access to education and equip young Nigerians with skills needed to participate in the global economy.
Tinubu also cited the CreditCorp (CREDICORP) initiative, saying it is helping expand access to responsible credit for workers, entrepreneurs and businesses seeking to acquire productive assets and grow their enterprises.
He said investment in human capital and productive capacity should not be viewed merely as social spending but as part of the strategy for building a stronger economy.
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Tinubu stressed that economic growth would only be meaningful if it translated into better living conditions for Nigerians.
He said the next phase of the Renewed Hope Agenda would focus on creating more jobs, expanding access to affordable credit, reducing inflation, improving electricity supply, increasing domestic production and strengthening citizens’ purchasing power.
The President maintained that the combination of economic reforms, infrastructure development, investment in human capital and increased productive capacity would provide the foundation needed to achieve Nigeria’s $1 trillion economy target by 2030.
